More and more permanent residents (PRs) are purchasing private homes since the US sub-prime crisis struck in the third quarter of 2007 (Q3 2007), while non-PR foreigners have been falling in the opposite direction, with purchases declining from 54 per cent in Q3 2007 to 46 per cent in Q2 2008.

This could be due to PRs buying homes in Singapore for their own stay, whereas non-PR foreigners are more likely to buy for investment purposes, therefore translating into less non-PR foreigners buying in a less robust market.

According to DTZ’s analysis of caveats data from Urban Redevelopment Authority’s Realis system, PRs made up 54 per cent of the total 913 private home purchases by foreigners in Q2 2008. This records an increase from 51 per cent in Q1 2008.

Foreign buyers, including PRs, purchased a total of 913 private homes in Q2 2008, an increase of three per cent from the preceding quarter. Projects such as The Lakeshore in Jurong, Vutton at Akyab Road and Nassim Park Residences received more foreign interest in Q2 2008. About 44 per cent of 55 units sold at The Lakeshore comprised foreigners. These buyers made up two-thirds of the 11 units sold at Scotts Square and nine units sold at Martin Place Residences.